Aerospace and defense company Textron is flying higher after inking a deal with private jet company NetJets.

Textron Inc. (TXT - Get Report) announced on Monday, Oct. 15, it had inked a deal with NetJets, a subsidiary of Berkshire Hathaway (BRK.A - Get Report)   (BRK.B - Get Report) , for more than 300 planes.

The companies said the fleet agreement gives NetJets the option to purchase up to 175 super-midsize Cessna Citation Longitude aircraft and up to 150 Cessna Citation Hemisphere aircraft. The additional aircraft would increase NetJets' fleet to more than 800 aircraft over the next 10 to 15 years.

The terms of the deal were not disclosed, although CNBC cited a book price of about $9.5 billion. Textron did not immediately respond to TheStreet's request for comment.

Shares of Textron jumped 1.1% to $65.80 at 10:30 a.m. New York time. Textron, which is a holding in Jim Cramer's Action Alerts PLUS charitable trust, is up about 15% year to date "on bizjet recovery," according to Cowen equity research analyst Cai von Rumohr.

"We think the deal with NetJets serves to back the view we have been providing to members these past few months, which is that the business jet market is rebounding into the end of the year," said Zev Fima, a research analyst for Action Alerts PLUS. "We told members back in May that the NetJets management team was looking to add more Textron planes to their fleet by the end of the year, so to be honest, this was a long time coming, and we aren't that surprised by the news."

Fima noted that another tailwind for Textron is Army spending, which stands to benefit Textron's Bell helicopter division that is a leading producer of commercial and military aircraft.

"We are seeing an increasing amount of updates on this front and expect the division's V-280 line to benefit into the end of the year and in 2019," Fima said.

Textron is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells TXT? Learn more now.

Textron is scheduled to report third-quarter earnings on Oct. 18, before the bell. Analysts anticipate earnings of 76 cents per share on revenue of $3.5 billion, according to FactSet.